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Category: Consumer
The official PMI figures for May show China’s manufacturing sector grew at a rate faster than expected, driven by stronger output and new orders. The Purchasing Managers Index, which uses a benchmark of 50 to signify no growth, rose to 51.9 in May, beating the market estimate of 51.3 and hitting an eight-month high. The […]
China will cut import tariffs on a list of daily consumer goods to come into effect from July 1st, the State Council announced on Wednesday, as Beijing experiences pressure from the US and Europe to make its markets more open to foreign goods. Duties on clothing, shoes, kitchenware, and sports supplies will be cut from […]
China’s largest social media and gaming platform operator Tencent Holdings is entering into a joint venture with Wanda Group’s real estate arm, the South China Morning Post reports, as it hopes to compete with market rivals as a “smart” retailer. Tencent has said it plans to take a 42.5% stake in the new venture, with […]
Alibaba is spearheading a $1.38 billion bid for a 10% stake in delivery service ZTO Express, as the e-commerce giant seeks to expand its global logistics capabilities in the highly-competitive Chinese retail industry. Other investors involved in the bid include Alibaba’s own logistics arm Cainiao, which according to Bloomberg, will work directly with ZTO on […]